Chapter III: Statutory audits

The professional practice standard relating to the probative nature of the evidence collected, approved by the Minister of Justice, is set out below: PROFESSIONAL PRACTICE STANDARD “PROBABILITY OF THE EVIDENCE COLLECTED” Introduction l. Throughout the audit of the financial statements, the statutory auditor collects items that enable it to reach conclusions on which to base its opinion on the financial statements. 2. The purpose of this standard is to define…

The professional practice standard relating to the probative nature of evidence gathered (specific applications), approved by the Minister of Justice, is shown below: PROFESSIONAL PRACTICE STANDARD RELATING TO THE PROBABILITY OF EVIDENCE GATHERED Introduction 1. The purpose of this standard is to define the audit procedures to be performed by the statutory auditor to collect items that enable it to reach conclusions in respect of: – the physical inventory of…

The professional practice standard relating to requests for confirmation from third parties, approved by the Minister of Justice, is shown below: PROFESSIONAL PRACTICE STANDARD RELATING TO REQUESTS FOR CONFIRMATION FROM THIRD PARTIES Introduction 1. In order to gather the elements that enable him to reach conclusions on which to base his opinion on the financial statements, the auditor chooses from among various audit techniques, including that of requesting confirmation from…

The standard of professional practice relating to analytical procedures, approved by the Minister of Justice, is set out below: STANDARD OF PROFESSIONAL PRACTICE RELATING TO ANALYTICAL PROCEDURES Introduction 1. The auditor uses various audit techniques, including analytical procedures, to gather the information needed to reach conclusions on which to base his opinion on the financial statements. 2. The purpose of this standard is to define the principles relating to the…

The professional practice standard relating to the selection of items to be audited, approved by the Minister of Justice, is set out below: PROFESSIONAL PRACTICE STANDARD RELATING TO THE SELECTION OF ITEMS TO BE AUDITED Introduction 1. When, as part of the audit of financial statements, the auditor performs tests of procedures or tests of details, the auditor selects the items to be covered by those audit procedures. 2. The…

The standard of professional practice relating to management declarations, approved by the Minister of Justice, is set out below: MANAGEMENT STATEMENTS Introduction 1. As part of the audit of the accounts, members of management, including the legal representative, make statements to the statutory auditor. These constitute elements collected to reach conclusions on which he bases his opinion on the accounts. 2. The purpose of this standard is to define: –…